Apparel maker Guess?, Inc. (NYSE: GES), competitor of Gap (NYSE: GPS), reported some fashionable stats for its third quarter on Thursday after the market close. Indeed, double-digit growth rates are always in style as far as Wall Street is concerned. Especially during this tough period for retail selling.

Guess? said that total net sales for Q3 increased over 12% to nearly $528 million. Diluted earnings per share expanded by over 11% to $0.69. This was a six-penny beat on the bottom line. You know, you can't really blame the analysts for missing this one by such a wide margin. Honestly, you would figure that a company like Guess? would have a difficult time moving its clothing and accessories with all the financial turmoil going on around it.

Management, apparently, wasn't asleep at the wheel. However, there are some important negatives to note. First, gross and operating margins slipped during the quarter. Second, comps at the company's retail locations dipped 0.8%. Third, guidance has changed to a lower range due to a conservative outlook. This is to be expected, certainly, since it is hard to believe that Guess? won't find some issues with its business model in the short-term considering that the brand premium associated with its jeans might not be viewed as the best value proposition out there by the struggling Christmas-shopping consumer.

The Wall Street Journal reports (subscription required) that Levi Strauss will debut its new "Levi's Engineered Garments" label next week, beginning with four Bloomingdales stores. The line is a collaboration with Engineered Garments, a New York label.

The line includes $235 button-fly 501 jeans, $235 hunting pants, and $185 Army shirts. The premium priced products are a step up from the company's recent Capital E effort, with prices ranging from $138-195.

But more importantly, it's a big step up from the more moderately priced (but still high quality) offerings that have been the company's bread and butter since 1853. I'm skeptical about Levi's ability to convince people to pay premium-denim prices for a brand with such a long history of more mainstream offerings, but the line's existence is indicative of at least one thing: the brass at at Levi Strauss Inc. views high-end denim as the future, and wants a piece.

If they're right about that -- especially in the current consumer environment -- it's bullish for True Religion Apparel (NASDAQ: TRLG), the top publicly-traded high-end jean company out there. I don't think Levi's poses much of a threat as far as market share and, if the pie continues to expand, True Religion should prosper.